The president’s proposal on Wednesday is expected to include cutting:
— the corporate tax rate from 35 percent to 15 percent
— the small business rate from a top of 39.6 percent to 15 percent
— the top tax rate for individuals from 39.6 percent to the "mid-30s"
The plan includes a significant increase in the standard deduction people would be able to claim on their tax returns, potentially putting thousands of dollars each year into the pockets of tens of millions of Americans, according to The Washington Post.
As of late Tuesday, the plan jettisoned a House Republican proposal to impose a substantial tax on imports, known as a border adjustment tax, which would have raised billions of dollars to help offset the cost of the cuts, says The New York Times.
Republicans who slammed the growing national debt under President Obama said on Tuesday they're open to Trump's plan, even though it could add trillions of dollars to the deficit over the next decade, The Associated Press reports.
Echoing the White House, congressional Republicans say the tax cuts would spur economic growth, reducing or even eliminating any drop in tax revenue. That’s a revival of economist Arthur Laffer’s 40-year-old theory, says a separate Times article.
The president's presentation Wednesday will be "pretty broad in the principles," says Marc Short, Trump's director of legislative affairs. The specifics are expected to start to appear this summer.
Trump’s decision to extend the corporate tax cut to real estate conglomerates like his own will give Democrats a line of attack, the Times says.